Written by Gary
DOW ends up over 300 points to record high ahead of April jobs report. New York FED weekly economic index (WEI): index improvement continues.
The Market in Perspective
| Here are the headlines moving the markets. | |
 | Copper Price Hits All-Time-High In Commodities Bull RunCopper price hit a record high on Thursday as Chinese investors unleashed fresh demand following a five-day holiday. Copper for delivery in July was up 1.71% by 1:42 pm (EDT), with futures at $4.6015 per pound ($10,123 a tonne) on the Comex market in New York, over the $4.58 per pound high reached in February 2011. The reopening of major industrial economies is sparking a surge across commodities markets from corn to lumber, with tin climbing above $30,000 a tonne for the first time since 2011 also on Thursday. Copperhas gained 28.1% |
| IEA: Governments Should Start Stockpiling Battery MetalsChina’s dominance in green energy technologies are rare earth metal production is very concerning to theInternational Energy Agency(IEA), who posted a stark warning Wednesday advising western governments to stockpile critical battery metals such as cobalt and lithium. IEA’s warning comes as the next chapter in US-China tensions will be climate wars as energy transition investment ramps up withpeak oilaround 2030. Many Western countries andChina have estimated net-zero carbon emission economies somewhere around 2040-2060. |
| U.S. Energy Production Saw Steepest Drop On Record In 2020Due to economic responses to the pandemic, U.S. energy production dropped by 5 percent last year, marking the steepest annual decline on record, the U.S. Energy Information Administration (EIA) said on Thursday. Last year, energy production in the United States fell to just below 96 quadrillion British thermal units (quads), a 5-percent decline from the record production in 2019, according to EIAs Monthly Energy Review. The decline in absolute terms was the largest annual decrease in U.S. energy production on record, and this decline was |
| The Mystery Of Dark Energy“Dark energy is not only terribly important for astronomy, it’s the central problem for physics. It’s been the bone in our throat for a long time.” –Steven Weinberg, Nobel Laureate, University of Texas at Austin.More than three years into its quest to solve the nature of dark energy and illuminate the origin, evolution, and fate of our universe, the Hobby-Eberly Telescope Dark Energy Experiment (HETDEX) project remains on track to complete the largest map of the cosmos ever. HEDTEX, a project by Penn State University scientists, aims to create |
| U.S. And Iran Make Progress On Nuclear Deal TalksAs the indirect talks between the United States and Iran are making some progress but not major breakthroughs, diplomatic shuttles of U.S. officials and senators in the Middle East in recent days have intensified reports that there could be a breakthrough soon. A deal is in the works that will only collapse if Iran decides not to play ball, officials from Saudi Arabia, the United Arab Emirates (UAE), and from the U.S. say, The Dispatch reports. The talks in Vienna resumed this week, while U.S. and Iranian officials are shuttling around the Middle |
| Analysts: Copper Prices Could Double To $20,000 Per TonSurging demand and insufficient supply of new copper projects could result in copper prices jumping to $20,000 per metric ton in a few years, double the current price of around $10,000 per ton which is the highest in a decade, analysts say. Soaring demand for critical minerals to support the energy transition, including copper, has already made copper one of the hottest metals this year, with prices jumping to $10,000 per ton, double from the pre-pandemic levels due to the global push toward decarbonization and government support for electric vehicles |
| Peloton’s sales surge 141% as delivery pressures ease; no word on recall’s financial hitPeloton on Thursday reported fiscal third-quarter sales growth of 141%, saying recent investments in its supply chain allowed it to improve delivery. |
| Coach owner Tapestry sees people gearing up for weddings and office work againCoach and Kate Spade owner Tapestry is seeing signs that consumers are returning to celebrating, gathering with friends and going back into offices. |
| Op-Ed: Medicare needs to OK rule giving seniors access to FDA-approved medical devicesCMS is reviewing proposed rule that gives seniors access to critical FDA-approved medical products under Medicare. |
| Kellogg CEO says snacking is speeding up, fueling company’s sales growthKellogg, the owner of Pringles and Cheez-its, is seeing snacking accelerate. |
| 1-800-Flowers CEO says shortages of flowers and berries won’t ruin Mother’s Day salesFarmers cut down on flower and berry production anticipating low demand, ultimately causing shortages. |
| From electric vehicles to air mobility: GM looks to grow beyond traditional auto industryGM CEO Mary Barra has cut costs, slashed 64,000 jobs, exited unprofitable markets and audaciously pledged to make GM an all-electric auto company by 2035. |
| Marc Lore’s next attempt to woo the affluent consumer: A fleet of on-demand food trucksA serial entrepreneur Marc Lore has made an investment in Wonder, a business that is part food truck, part ghost kitchen, CNBC has learned. |
| More than 70% of Americans at least 65 years old now fully inoculated as U.S. Covid cases, vaccinations fallMore than 70% of Americans aged 65 years and older are fully vaccinated as the pace of daily shots fell further from peak levels. |
| Anheuser-Busch InBev stock rises as brewer picks an insider as its next CEOShares of Anheuser-Busch InBev rose 5% in premarket trading after the Bud Light brewer announced that CEO Carlos Brito will step down, effective July 1. |
| Moderna CEO expects more Covid variants to emerge in coming months: ‘This virus is not going away’Moderna CEO Stephane Bancel said Thursday the company expects more variants of the coronavirus will emerge in the coming months. |
| Russia authorizes use of ‘Sputnik Light,’ a one-shot Covid vaccine it says is 79% effectiveThe Russian Direct Investment Fund said the one-shot “Sputnik Light” Covid vaccine had an efficacy rate of 79.4% and would cost less than $10 a dose. |
| The world needs to dramatically cut methane emissions to avoid worst of climate change, UN saysThe world could slash human-caused methane emissions by up to 45% this decade, according to the U.N.’s Global Methane Assessment. |
| China’s greenhouse gas emissions exceed those of U.S. and developed countries combined, report saysChina is responsible for more than 27% of total global emissions, a new study says. The U.S. accounts for 11% of the global total. |
| Stocks Saved By Late-Day Buying-Panic As Dollar Dumps, Crypto SlumpsStocks Saved By Late-Day Buying-Panic As Dollar Dumps, Crypto Slumps Stocks drifted overnight only to puke at the cash open, but that selling was abruptly ended after Merkel said she did not support Biden’s socialist position of giving away vaccine-makers’ IP. Then markets were also spooked at around 1400ET when the Biden Admin confirmed they are likely to proceed with Trump’s China investment ban… but the last hour saw yet another ubiquitous panic bid into the close. Somebody really wanted these markets higher…
The Dow was the day’s big winner; Small Caps the laggard… |
| Hamas Says Israel “Deserved” Meron Stampede Tragedy Which Killed 45Hamas Says Israel “Deserved” Meron Stampede Tragedy Which Killed 45 Hamas is stoking outrage inside Israel with statements which appear to positively celebrate last Friday’s Meron stampede tragedy. When an estimated 100,000 Israelis gathered for the Jewish celebration of ‘Lag B’Omer’ at the Mount Meron shrine and tomb, a stampede ensued and crushed 45 people to death, and injured over 150 more. In a Turkish television interview, a Hamas spokesman said that Israel “deserved” the deadly tragedy, and further said no one should be offering condolences while describing it as ‘divide retribution’. The Hamas official, Talal Nassar, told Turkey’s Channel 9 that “Only despicable people and gamblers would offer them their condolences.” He explained that occupiers of Palestinian land deserved “all the possible curses,” according to a translation featured in |
| Melinda Gates Rented Private Island To Hide From Press During Divorce AnnouncementMelinda Gates Rented Private Island To Hide From Press During Divorce Announcement Amid reports that Bill Gates’ investment fund sent another $2 billion+ to Melinda Gates in the form of stock transfers following $1.8 billion in shares reportedly transferred earlier this week, TMZ is once again the leading source for news from within the Gates camp. Most recently, it reported that Melinda Gates rented Calivigny Island in Grenada for $132,000 a night. The plan was for Melinda and the kids, as well as their significant others, to come to the island. Everyone in the family would be there…except Bill Gates.
According to TMZ, there was a lot of acrimony following the split and pretty much everyone took Melinda’s side. The family is reportedly “very angry with Bill”.
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| ARKchegos LoomingARKchegos Looming For months, we have been watching ARK Funds closely, noting on more than one occasion that Cathie Wood’s “investing” style of selling big tech names to add speculative illiquid names to her flagship ARKK ETF had caught our eye. Now, we’re watching even closer. That’s because ARKK is “in the midst of its worst stretch since 2018”, according to Bloomberg, as the NASDAQ teeters back and forth, trying to decide how to react to what appears to be the end of an 18 month gamma squeeze, coupled with the widely accepted consensus that significant inflation is on its way. Key components in Wood’s flagship ARKK fund – names like Twilio, Zoom and Roku, have all bucked a larger trend in the NASDAQ as it tried to rally for the first time this week, Bloomberg notes. That may not bode well for Wood when the NASDAQ eventually turns red again. As one trader simply noted…
The bucking of the NASDAQ trend appears to mark the decoupling between real rates and riskier tech names. As real rates fell over the last week, NASD … |
| Road and rail building plans under review after CovidPost-pandemic shifts in travel habits could undermine the logic behind many infrastructure projects. |
| Liberty steel owner in talks over £200m lifelineSanjeev Gupta’s beleaguered UK steel business may yet find the help it needs, the BBC understands. |
| UK economy set to grow at fastest rate in more than 70 yearsEconomy expected to grow by 7.25% in 2021 as lockdown restrictions are eased, says Bank of England. |
| Hero MotoCorp Q4 results: Net profit rises 39% YoY to Rs 865 cr, beats estimates; automaker to pay Rs 35 dividendThe company also reported a 39 per cent growth in revenue from operations to Rs 8,686 crore, which was above analysts’ estimates. |
| HDFC Q4 preview: Net profit likely to rise 32% YoY, NII may climb 23%The company’s performance in the quarter will be aided by strong demand for housing loans during the quarter. The domestic housing market had a stellar March quarter aided by stamp duty cuts in major markets and government initiatives. |
| Trade setup: Nifty has key support at 14,675 and 14,580 levels; stick to defensive stocksEven if Nifty is able to move past the 50-DMA, the present technical setup makes it very clear that it is unlikely to move and break out of the current falling channel. |
| 01 May 2021 New York Fed Weekly Economic Index (WEI): Index Improvement ContinuesWritten by Steven Hansen The New York Fed’s Weekly Leading Index (WLI) improved mostly due to the economic sharp deterioration which occurred one year ago. This index recovery is improving based on the 13-week rolling average.
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| : Vimeo drives IAC to an earnings beat ahead of planned spinoffIAC/InterActiveCorp. topped quarterly earnings expectations Thursday, with its Vimeo business posting accelerating revenue growth amid continued demand for video software during the pandemic. |
| ETF Investing: The Ark Innovation ETF is having its worst start to a month on record, ahead of Cathie Wood’s CNBC interviewThe hits keep on coming for Cathie Wood’s ARK Innovation exchange-traded fund. The once-highflying ETF is on pace for its longest string of losses, eight in a row, since a similar skid ended Dec. 24, 2018. |
| The Fed: Meme stocks and Archegos episodes highlight need for greater hedge fund transparency, Fed financial stability report saysSeveral recent episodes including œmeme stocks and Archegos Capital Management clearly show how risky and opaque transactions among non-banks can transmit stress into the financial system, the Federal Reserve said Thursday. |
Emergency personnel reponding to Mt. Meron tragedy, via AFP
Summary of Economic Releases this Week
Earnings Summary for Today
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